G4S' chief Ashley Almanza is ordering a company review to ensure a clean bill of health after the British government froze future contracts following the London Olympics and tagging debacle.

Ahead of the security giant's half-year results in August, Almanza will be digging deep to resolve issues surrounding the breach of its lucrative £284m (€328m, $429m) London Olympics 2012 contract, which saw the army being drafted in to make up for the shortfall of staffing.

A spokesperson confirmed to IBTimes UK that Almanza is doing a review of the company but is not making a comment about a possible rights issue despite media reports saying that he is talking to investors to tap them for cash.

The Sunday Times reported that G4S has already held talks with investors to ask them to bolster its balance sheet after the group, under the leadership of ousted former CEO Nick Buckles, had racked up a series of setbacks.

Almanza Tackles Legacy Issues

Shares in G4S have tumbled 25% over the past year amid a series of scandals.

The group, which was contracted to supply 10,400 security guards to the 100 Olympic sites across the country, was unable to meet this target - forcing the UK government to draft in soldiers and police officers as cover.

It cost the company £50m in losses and led to G4S pulling out of the bidding war for the Fifa World Cup security contract in 2014.

Meanwhile, the British government has launched a review into security outsourcing firms G4S and Serco after an audit found evidence that they had charged for tagging criminals who were dead, in prison or had never been tagged in the first place.

Whitehall also announced it is freezing future contracts with G4S until it can be sure that it has a clean bill of health.